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金运激光(300220)点评:系统风暴不能停止做大做强的脚步

海通證券 ·  Sep 18, 2015 00:00  · Researches

Event: On the evening of July 21, 2015, the company issued an announcement on the resumption of the company's stock trading. At the same time, the company announced the signing of an investment agreement with Guangzhou Lingdong Creative Culture Technology Co., Ltd. Details of foreign investment. High-investment financial funds invest in Agile Innovation by increasing capital. Dynamic Innovation is making targeted increases to GaoInvestment Financial Fund; GaoInvestment Financial Fund increased its capital by RMB 130 million in cash. After the capital increase, the share capital held in the new company was 1,562,500 shares, accounting for 20% of the total shares of the new company. The stock price is about 12% lower than the employee's shareholding cost price of 53.83 yuan. Set off a boom in investment mergers and acquisitions. Smart Innovation specializes in animation design. The department is an animation toy company with independent IP and large-scale profitability, and is in the second and third position in the industry. The company's legal representative promised that the net profit for 15-17 years would not be less than 2, 3.5, or 45 million. The company will then selectively merge and acquire Smart Creative to develop application services for the animation industry in the field of 3D printing customization according to the development of Agile Innovation and the overall market situation, while increasing the performance of listed companies; previously, the company plans to invest 266 million dollars to acquire two companies and 3D printing application platforms to continuously improve the financial transportation ecosystem. Firmly build a “3D Internet +” platform. The company is resolutely transitioning to the direction of 3D printing Internet+. Building Asia's leading 3D printing cloud platform for design-driven innovative applications, the number of users has exceeded 250,000. The company continues to expand the application fields of 3D printing through improved technology, fully seizing the advantages of pioneers in various fields. The financial luck model is also a perfect 3D printing business model in China. It integrates hardware, software, content, and services through the combination of the Internet. Cooperate with internationally renowned 3D printing companies to achieve complementarity of technology and resources. Strong alliances also create solid back-end capabilities for online “cloud platforms”. Profit forecasting and valuation. 3D printing is expanding its application fields and is trying to enter high-growth industries such as the military industry. Furthermore, the Internet will not only improve the company's performance, but will also accelerate the expansion of application fields. Meanwhile, the financial transportation model will bring about deeper integration of the industrial chain. It is predicted that the 2015-17 EPS will be 0.21, 0.39, and 0.73 yuan respectively (regardless of the impact of non-public shares on share capital), giving the company a target market value of 10 billion yuan, corresponding to a stock price of 79.37 yuan, and a price-earnings ratio of 378, 204, and 109 times, corresponding to the 2015-17 dynamic PE, respectively. Risk warning. The presence of potential competitors; poor expansion of downstream demand; the company's non-public offering of shares has not been approved.

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